Prime Medicine (NYSE:PRME) Sets New 52-Week Low at $5.48

Prime Medicine, Inc. (NYSE:PRME - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $5.48 and last traded at $5.82, with a volume of 210141 shares traded. The stock had previously closed at $5.79.

Analyst Ratings Changes

Several research firms have recently issued reports on PRME. Citigroup began coverage on Prime Medicine in a research note on Friday, December 8th. They set a "neutral" rating and a $10.00 price target for the company. Stifel Nicolaus downgraded Prime Medicine from a "buy" rating to a "hold" rating and cut their price target for the stock from $18.00 to $9.00 in a research note on Tuesday, January 16th. Wedbush began coverage on shares of Prime Medicine in a research note on Tuesday. They issued an "outperform" rating and a $12.00 target price for the company. Finally, Guggenheim cut their target price on shares of Prime Medicine from $24.00 to $20.00 and set a "buy" rating for the company in a research note on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $16.88.

Prime Medicine Trading Down 0.7 %

The stock has a market cap of $689.66 million, a price-to-earnings ratio of -2.65 and a beta of 1.80. The firm's 50 day moving average is $7.40 and its two-hundred day moving average is $7.80.

Prime Medicine (NYSE:PRME - Get Free Report) last posted its quarterly earnings results on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.08). As a group, equities analysts expect that Prime Medicine, Inc. will post -1.83 EPS for the current fiscal year.

Insider Buying and Selling at Prime Medicine

In other Prime Medicine news, Director Robert Nelsen purchased 3,200,000 shares of the stock in a transaction on Thursday, February 15th. The stock was bought at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the acquisition, the director now directly owns 3,200,000 shares of the company's stock, valued at $20,000,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 24.29% of the stock is owned by company insiders.

Institutional Trading of Prime Medicine

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Prime Medicine by 2.6% in the 4th quarter. Vanguard Group Inc. now owns 4,054,911 shares of the company's stock worth $35,927,000 after acquiring an additional 103,118 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Prime Medicine by 18.6% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,634,848 shares of the company's stock worth $34,676,000 after acquiring an additional 571,097 shares during the period. ARK Investment Management LLC boosted its holdings in Prime Medicine by 19.7% in the 4th quarter. ARK Investment Management LLC now owns 3,138,270 shares of the company's stock worth $27,805,000 after acquiring an additional 515,841 shares during the period. BlackRock Inc. boosted its holdings in Prime Medicine by 90.8% in the 2nd quarter. BlackRock Inc. now owns 2,889,216 shares of the company's stock worth $42,327,000 after acquiring an additional 1,375,093 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Prime Medicine by 2.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,221,159 shares of the company's stock worth $19,681,000 after acquiring an additional 47,788 shares during the period. Hedge funds and other institutional investors own 70.37% of the company's stock.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.